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ITR filing season ... feel free to ask any queries regarding ITR filing

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ITR filing season ... feel free to ask any queries regarding ITR filing

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Super Stud Super Stud
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Free to ask or chargeable? 

Deal Lieutenant Deal Lieutenant
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Free to ask. Reply may or may not be free 😄

Deal Cadet Deal Cadet
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how to reduce ltcg from mf ? (for re we have nhai & rec )

or charity etc ?

Tax Wizard Tax Wizard
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Cant reduce mf ltcg ... have to pay tax ... But if you are willing to put whole cap gain in a new residential house , then you get exemption. 
Cool Cool
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I have allotted one IPO and the same day of allotment, I sold it. This txn  will come under intraday or STCG (15%) means I have to fill ITR 3 or 2 in this case ?

Finance Mentor Finance Mentor
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This is a thinker smile.

Like the op said, logically it's intraday but

The law can be interpreted here.  This can be considered as short term,

1. As this is a rare occurrence for you.

2. And this is MY REASONING, quite brilliant, if I can say so myself sweat_smile

You may have sold the stock on listing day. But

The shares are credited to the buyer's account, a day before the listing day.

So technically, you bought the stock the day before and sold it the next day.

This makes it short term. So filing itr2 should be enough. Pay 15% + cess as stcg tax.

Hopefully I'm right about this.
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Deal Newbie Deal Newbie
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I filed my return for this assessment year yesterday. My first and last names are printed correctly on my physical PAN card. However, when I check my PAN details through E-pay tax, my father's name is shown as my first name, and my first name is shown as my last name. As a result, when I filed my income tax return, my father's name appeared as my first name.

How can this be fixed? If I update my PAN card details, will it automatically update my ITR details, or do I need to file a rectification request with the Income Tax Department?

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Deal Cadet Deal Cadet
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My employer (Software company) used to pay Rs 400 per day as transport allowance and it's mentioned in payslip. Can I show that in Section 10(14)(I)?

Tax Wizard Tax Wizard
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Thats debatable .... better to ask employer to include in form 16
Deal Cadet Deal Cadet
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I discarded my Filed Return (not e-verified yet) and am now trying to

file a new return... It's stuck here... Anyone facing the same issue?

Please Help!!!!

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Tax Wizard Tax Wizard
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try in the night ... server issue
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Deal Newbie Deal Newbie
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My wife's taxeable income as per form 16 is 3.9L after all applicable deduction. She has 8k short term equity gain and 7k f&o profit. Sold 20k debt mutual fund.

She should file ITR 3 or can be ignored tax filing

Deal Lieutenant Deal Lieutenant
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Highly appreciated @third.i.financial.advisors for the quickest response in doubts and most importantly he patiently discuss and resolve all doubts over ITR filing.

Last year and this year also got hassle free tax return submission through your services .

Kudos and highly recommending your services sir !!!


Tax Wizard Tax Wizard
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Thankyou ... for the kind words. 
Crowdpuller Crowdpuller
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If someone file in new regime this year, can he change to old regime in future? for ITR3

Tax Wizard Tax Wizard
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well ,you can change only once to new after switching to old regime. After that you cant. 

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Deal Subedar Deal Subedar
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I'm so glad I chose @third.i.financial.advisors for my family's income tax return filing this time! plus1 I truly appreciate the exceptional service provided by him. His expertise and professionalism made the process seamless and hassle-free.

I highly recommend their services to anyone looking for reliable and efficient tax filing solutions! Thanks, bro! blush

Tax Wizard Tax Wizard
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I am grateful for your kind words and happy to know we met your expectations .

Like Magnet Like Magnet
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one query.on itr for  my uncle who is 60+ age and has following income for FY23-24.
                      
   pension : 4 lakh
   rent :4.2 lakh
   fd intrest :85k
   saving intrest :10k.   
                  

is new tax regime best for him ?  also any other exemptions on above income possible in new tax regime

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Deal Newbie Deal Newbie
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Highly appreciated !

thanks for helping file ITR 😀

Deal Subedar Deal Subedar
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Filing ITR, went ahead to pay additional tax liability, paid the amount, challan download page came and was showing some 3 green ticks so thought ITR done and I clicked on to see ITR in 'View Filed Returns'(e-File > Income Tax Return).

But dashboard shows : "File your return for the year ended on 31-Mar-2024 For Assessment Year 2024-25" "Resume Filing" which means ITR not submitted right?

Should I add the challan details in Tax Paid section now and submit?
First time paying additional tax so not sure of flow. Earlier always used to get refund as used to provide bit more advanced tax.

Deal Captain Deal Captain
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Should I add the challan details in Tax Paid section now and submit?

Yes.

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Deal Cadet Deal Cadet
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I think filing revised return is the only way.
Deal Cadet Deal Cadet
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Income Tax site is showing FD interest as 86k... I feel it's too high. How to validate if it's correct. Is there any single place where I can validate all FD's interests?

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Tax Wizard Tax Wizard
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Ask for form 16a from bank .... and cross check . Or cross check from bank
Deal Cadet Deal Cadet
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My Father's LIC policy maturity amount came into my bank account which I returned to him... and now it's showing both TDS deducted also this 20k is being shown as income in FD interest. Is this normal? Or can I deduct this amount while filing ITR? @third.i.financial.advisors could you please suggest...

Tax Wizard Tax Wizard
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Should have done what is right .... even if ais is wrong
Cool Cool
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I had filed my return with audit u/s 44AB (Business) last year because of turnover exceeded ₹1 cr but this year my return is around ₹90 Lakhs but my accountant says audit is necessary after you get audited once which I don't believe so I would love someone in practice to shed some light. Thanks in advance.

Deal Captain Deal Captain
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Suppose if earlier you were following presumptive income (44ad) and later opted out from 44ad, then audit is compulsory for 5 years irrespective of turnover.

But if earlier you were submitting normal P&L balance sheet, then audit is not applicable below 1 Cr turnover.

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Deal Newbie Deal Newbie
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ITR Filing. Under which section we can show the exemption Professional Development Charges ? Please help...Thanks.

Deal Lieutenant Deal Lieutenant
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Out of a number of stocks that I sold, I unfortunately forgot to enter one stock (25 units, fair buy value as on Jan 31 2018 Rs 2720, sell value Rs 2722) in my ITR2. This stock sale is mentioned in my AiS.

The LTCG from that is negligible. It wouldn't have made a difference to my Tax payable/refund. So should I file a revised return now or wait and see if I get a notice and then file the revised return?

Patron Patron
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I have missed to claim deduction under sec 89 but i did file form 10E prior to ITR2 filing. Now my ITR process is completed. I can't figure out how to add relevant section or schedule while trying to revise my ITR. Could anyone guide me?

Patron Patron
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@third.i.financial.advisors

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